The wholesale value of the Australian recorded music market in the first half of 2018 has experienced a 6% jump in revenue thanks to a huge spike in streaming subscriptions and vinyl sales nationwide.
As reported by the Australian Recording Industry Association, the recording sector earned profits of around $195 million from January to June this year, reporting an $11 million rise from figures reported from last year's reports. This means that if the current rate of growth continues through the second half of the year, 2018 could be Australian music's biggest earning year yet.
The revenue increase is largely attributed to the amount of fans flocking in droves to music streaming services such as Spotify and Apple Music, with a massive 35% increase in streaming subscriptions netting close to $105 million for the industry.
In a big win for fans of wax, ARIA reported that vinyl album sales had also increased by 23% to gross close to $9 million, a huge success for purveyors of the vinyl revival. Elsewhere, CD sales and track downloads slumped by around 30%, while video streaming rose by up to 41%.
Check out the full report from ARIA here.